You'll have to compile flvtool2, mencoder, and ffmpeg-php yourself, but it should run okay.
It's a shame so many of these solutions rely on mencoder and flvtool2. The ffmpeg app is practically a staple on all Hosts these days, and it alone does a fantastic job with video conversion. The other stuff adds some extra abilities, sure, but all in all it turns the end product into "private-server-only" bloatware imho.
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How To Install PHP.INI / ionCube on DreamHost